Ocean Rig UDW Earnings: Here’s Why Investors are Buying Shares Now

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Ocean Rig UDW (NASDAQ:ORIG) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3.37%.

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Ocean Rig UDW Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased to $0.05 in the quarter versus EPS of $-0.30 in the year-earlier quarter.

Revenue: Rose 51.17% to $246.4 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Ocean Rig UDW reported adjusted EPS income of $0.05 per share. By that measure, the company beat the mean analyst estimate of $-0.20. It beat the average revenue estimate of $223.23 million.

Quoting Management: George Economou, Chairman and Chief Executive Officer of the Company commented: “During the first quarter of 2013, our results were adversely impacted by the scheduled drydock, for contract-related upgrades, of the Leiv Eiriksson which commenced drilling operations for Rig Management Consortium offshore Norway on April 15th 2013. During the quarter, we also experienced certain blowout preventer- related downtime with respect to Eirik Raude and the Ocean Rig Mykonos which resulted in low operating efficiency for those two units. Our remaining four ultra-deepwater (“UDW”) units performed at an average of 97% operating efficiency during the quarter, which we find satisfactory.”

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